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The Reserve Bank has ordered
“SDC Bank” to stop using the word “bank” in its name or
title. “SDC Bank” claims to operate from an office in Auckland, New
Zealand and advertises for business on the Internet.

Reserve Bank spokesperson, Paul Jackman, said “A notice ordering
“SDC Bank” to stop using the word “bank” in its name or
title, has been issued under section 64 of the Reserve Bank of New Zealand Act,
which prohibits financial institutions that are not registered as banks from
undertaking any activity using a name that includes the words
“bank”, “banker” or “banking”. “SDC
Bank” is not a registered bank in New Zealand.”

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